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Australian Dollar Break Expected

Australian Dollar Break Expected

2012-01-06 19:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Break Expected

Prepared by Jamie Saettele, CMT

Ultimately, a corrective wave is probably underway in the AUDUSD from the November low (9663). The rally on 1/3 feels like exhaustion and the impulsive decline from 10385 increases confidence in the short side. I mentioned yesterday that “action may get choppy in the 10175-10215 area (61.8%-50% retracement, former pivots, and channel line) but a break below would probably see acceleration towards 10043.” The decline has stalled but a break is expected. 10300 is still resistance.

Bottom Line – Short against 10385, targets 10040, 9860

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